Worldspace (MM) (NASDAQ:WRSP)
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From Jun 2019 to Jun 2024
WorldSpace, Inc. (NASDAQ:WRSP) a leading provider of satellite
radio services outside the U.S., today announced it, along with its U.S.
subsidiaries WorldSpace Systems Corporation and AfriSpace, Inc. have
filed voluntary petitions for reorganization under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy Court in
Delaware.
The WorldSpace Board of Directors unanimously determined that Chapter 11
reorganization was necessary for the Company to engage in an orderly
process to raise sufficient funds to repay its senior secured and
convertible notes by means of either a sale of the Company or its
assets, or a recapitalization of the Company.
WorldSpace will continue to operate its business and manage its assets
as a ”debtor-in-possession”
under the jurisdiction of the court and in accordance with the
applicable provisions of the Bankruptcy Code and the orders of the
court. The holders of the Company’s existing
senior secured and convertible notes have agreed to provide, subject to
the satisfaction of certain conditions, a “debtor-in-possession”
financing facility of up to $13 million for a period of 90 days in order
to facilitate a sale transaction. The financing facility is expected to
enable the Company to continue to pay salaries of critical employees and
continue operations which are critical to preserving the value of its
core assets through the term of the facility.
About 1worldspaceTM
Based in the Washington, DC metropolitan area, 1worldspaceTM
is the world's only global media and entertainment company positioned to
offer a satellite radio experience to consumers in more than 130
countries with five billion people, driving 300 million cars. 1worldspace
award-winning programming provides subscribers with a combination of
news, sports, music, talk and entertainment, as well as brand-name
content and educational programming. Leading brands from around the
globe found on 1worldspace include the BBC, Virgin Radio UK, and
RFI.
1worldspace satellites cover two-thirds of the earth and enable
the Company to offer a wide range of innovative services for enterprises
and governments globally, including distance learning, alert delivery,
data delivery, and disaster readiness and response systems. 1worldspace
is a pioneer of satellite-based digital radio services and was
instrumental in the early development of the technology infrastructure
used today by XM Satellite Radio. For more information, visit www.1worldspace.com.
Forward Looking Statements
This press release may contain certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on management's current expectations or
beliefs about future events and financial, political and social trends
and assumptions it has made based on information currently available to
it. The Company cannot assure that any expectations, forecasts or
assumptions made by management in preparing these forward-looking
statements will prove accurate, or that any projections will be
realized. Such forward-looking statements may be affected by inaccurate
assumptions or by known or unknown risks or uncertainties. Actual
results may vary materially from those expressed or implied by the
statements herein. For factors that could cause actual results to vary,
perhaps materially, from these forward-looking statements, please refer
to the Company's Form 10-K, filed with the Securities and Exchange
Commission, and other subsequent filings. Forward-looking statements
contained herein speak only as of the date of this release. The Company
does not undertake any obligation to update or revise publicly any
forward-looking statements, whether to reflect new information, future
events or otherwise.